Sears Canada closes transaction of eight properties

January 13, 2014 (Canada)

Sears Canada Inc. announced that the transaction originally announced on November 11, 2013, between the Company and Montez Income Properties Corporation to sell its 50% joint venture interest in eight properties it owns with The Westcliff Group of Companies ("Westcliff") has closed.

The agreement, which involves four regional shopping centres, two strip centres and two open-format retail centres, and which was subject to customary closing conditions now fulfilled, is for a total consideration received of approximately $315 million. Westcliff will continue as 50% owner and exclusive manager of the properties.